15 Facts Every Marketer Needs to Know

Every business has to deal with the realities of marketing and branding. However, some of the realities of this industry can be rather cool to know but are important to know for successful business. Our delightful Chicago marketing agency has 15 facts for your enjoyment. So enjoy!

1. It costs 6x more money to attract consumers that retain existing ones.
2. After a poor brand experience, 89% of consumers buy from a competitor.
3. 96% of dissatisfied consumers don’t complain.
4. Half of American consumers will give a business 7 days to respond to a customer service claim before they switch to a competitor.
5. Only 1 percent of consumers believe their expectations of good customers service are consistently met.
6. American companies have reported a total of $83 billion of lost sales that were due to poor customer service. 
7. When American consumers do complain about a bad customer service experience, they’ll usually tell 24 people; when they have a good customer service experience, they’ll tell 15 people.
8. You can increase profits by 125 percent with a 5 percent increase in customer retention.
9.  The likelihood of making a sale with an existing customer is 60-70 percent; completing a sale with a new customer? 5-20 percent.
10. Customer loyalty can be 10x as valuable as a single purchase customer.
11. For every negative customer service experience, it takes 12 good ones to make up for it. 
12. The longer a consumer is with your business, the more profitable they become.
13. If you resolve consumer complaints well, 70 percent of consumers say they’ll do business with you again.
14. 73 percent of consumers prefer brands with good customer service.
15. 68 percent of consumers leave brands because they feel unvalued.

Tags: branding, chicago marketing, marketing, marketing facts, marketing facts 2015